Grafton builders' merchants confident despite lowering forecasts

Builders’ merchants group Grafton has expressed confidence in maintaining long-term profit growth, despite lowering its current year forecasts due to market challenges.

The Dublin-based group, which derives most of its revenues from the UK, yesterday said the competitive nature of the British market, coupled with its ongoing weakness in Belgium, has led it to reduce its full-year operating profit expectations by 3% to 4% against market consensus.

Last year, the group enjoyed a 43% jump in operating profits to £110.1m. (€155m).